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Read more articles in: Blog, Jackie Prior, Property

Average UK house price soars to a new record of £278k

The average price for a house in the UK has hit a new record at more than £278,000, according to The Halifax.

Prices are rising at their fastest rate since 2007, with a typical property racking up its biggest annual cash gain in nearly 40 years.

Monthly house price growth rose to 0.5 per cent, which equates to £370 per week, following a slower start to the year, with the growth over a 12-month period hitting nearly 11 per cent.

Figures from the Halifax House Price Index show:

  • Annual rate of growth at 10.8 per cent is the strongest level since June 2007 (11.9 per cent)
  • Average house price reaches another new record high of £278,123
  • A squeeze on household finances is still expected to weigh on the market this year

It was the eighth month in a row that property values had risen.

The price of a typical home has risen by more than £38,000 since February 2020, and during the last 12 months alone £27,200 has been added to the value.

A Halifax spokesperson said this is the biggest one-year cash rise recorded in over 39 years of index history and added that the lack of supply continues to underpin the rise, with fewer properties being listed, which has become a long-term trend.

However, the events in Ukraine are expected to affect the market.

Halifax managing director Russell Galley said: “Soaring oil and gas prices were one immediate consequence, meaning that UK inflation – already at a 30-year peak – would remain higher for longer, adding to the squeeze on already stretched household incomes. Meanwhile, further interest rate increases looked likely in the near term.”

Wales was the strongest-performing nation or region, with prices typically up by 13.8 per cent over the past year, while south-west England was close behind at 13.4 per cent.

This is reflecting the fact that both areas benefit from greater availability of more rural, scenic living which has proven popular amongst buyers throughout the pandemic. By contrast, the figure for London was 5.4 per cent.

The Halifax House Price Index is the UK’s longest-running monthly house price series with data covering the whole country going back to January 1983.

For help and advice on matters relating to the residential property sector, contact our expert team today.

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